Ministerial Decision No. 668 of 2023 Regarding Subscription Under the Alternative End-of-Service Benefits System (Savings System)

Minister of Human Resources & Emiratisation  

Having perused:   

- Federal Law No. 1 of 1972 on the competencies of the Ministries and Powers of the Ministers as amended, 

- Federal Decree-Law No. 33 of 2021 concerning Regulation of Labour Relations as amended and its Executive Regulations,

- Cabinet Decision No. 96 of 2023 regarding the Alternative End-of-Service Benefits System,

Resolved:

Article 1 — Definitions 

This Decision shall be construed in accordance with the definitions contained in Cabinet Decision No. 96 of 2023, unless the context clearly dictates otherwise. 

Article 2 — Procedures for Subscribing to the Alternative System 

According to Article 4 of Cabinet Decision No. 96 of 2023, the following items are to be considered: 

1. Employers who wish to subscribe to the alternative system must submit a voluntary subscription application through the Ministry's service delivery channels. The Ministry's rules and regulations govern this process. They must then contract with an investment fund licensed by the Securities and Commodities Authority. 

2. S...